In July the trade in machinery and equipment declined the most

In July 2009, exports of goods from Estonia totalled 8.1 billion kroons and imports to Estonia 9.5 billion kroons. The trade deficit amounted to 1.4 billion kroons, which was nearly three times less than in July of the previous year.

In July, petroleum products accounted for about 20%, machinery and equipment 19% and agricultural products and food preparations 10% of Estonian total exports. Exports of machinery and equipment declined the most compared to July of the previous year (0.9 billion kroons). Only the exports of mineral products increased.

In imports, among the commodity sections, the biggest share was also held by petroleum products (nearly a quarter of Estonia’s total imports), machinery and equipment (16%) and agricultural products and food preparations (13%). The biggest decrease was announced in the section of machinery and equipment (1.5 billion kroons).

In July, the main countries of destination of exports from Estonia were Finland (17% of the total exports), Russia (10%), Latvia (10%) and Sweden (10%). Compared to July of the previous year, the decrease was announced to all the main partner countries. The biggest decrease in exports was announced in exports to Finland, Russia and Sweden.

The main countries from where goods were imported to Estonia in July were Finland (16% of the total imports), Lithuania (13%) and Germany and Latvia (both 10%). Compared to July of the previous year, imports of goods declined from all main partner countries, the most from Germany, Sweden and Finland.

Compared to June 2009, exports of goods from Estonia decreased 14% and imports to Estonia 4%. It has to be taken into account that the turnover of trade was mainly influenced by the extraordinary trade in petroleum products.

The decrease in exports and imports is characteristic to all the EU countries in the first half-year of 2009. The average decline rate in EU countries was 23% in exports and 27% in imports compared to the first half-year of 2008. According to Eurostat, the trade of Finland, Sweden, Latvia and Lithuania in the first half-year of 2009 decreased more than a quarter compared to the same period of the previous year.

The preliminary foreign trade data about July were released by Statistics Estonia on the 9th of September (on the 40th day after the end of the reference period). This news release provides the revised data and offers a more detailed overview of trade about the month under observation.